As I mentioned in an earlier post, I will traveling to Europe (mostly Spain) towards the end of the week for about two weeks on business. I have been working on a project for the trip that has been taking most of my time and I will be pressed for even more time as the week winds down. When you add the unclear direction of the markets for the next few days, and the fed meeting looming, I think I will continue to tread lightly. I will continue blogging and probably trading over the next three weeks, but the schedule for posting will probably be irregular. I will probably end up as an end of day trader for the time being as well.

As for market direction, the indices really are at a crossroads here. There are signs that the indices could be forming a short term bottom but there is still ample selling pressure above that should prevent any of the indices from rallying to new highs anytime soon. This likely wouldn't be a real bottom, but more like a floor for a stronger bounce. There is also the chance that we could see another down leg after this lateral consolidation. Either way, there are no clear signals, so be careful out there.

Good Luck,

Joey

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comments

Totally agreed with you on the lack of market direction assessment. I have the same assessment but I will be looking to enter some short-term shorts with market overbought situation. The FOMC meeting doesn't help either. But last time sat out due to FOMC meeting, it turned out that it wouldn't have mattered for my EOD trading. So this time I am going to take a chance and see how it goes :)

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